Binance founder Changpeng “CZ” Zhao has made a bold prediction: Bitcoin could skyrocket to between $500,000 and $1 million in this market cycle. In a May 5 interview with Rug Radio, Zhao attributed the expected surge to the growing institutional adoption of Bitcoin, largely driven by the success of spot Bitcoin ETFs.

Zhao emphasized that institutional money is now flowing heavily into the crypto market, particularly through these ETFs. “Most of the money in the U.S. is institutional,” he said, noting that the increasing involvement of traditional finance is “a positive in terms of price action.” According to him, ETFs are pushing Bitcoin up more than any altcoin.

Supporting this view, Alex Obchakevich of Obchakevich Research said that 70% of Bitcoin’s recent growth is fueled by fresh institutional capital. He added that Bitcoin ETFs are now one of the biggest drivers of the ongoing bull run, despite occasional short-term volatility.

Zhao also pointed to a surprising new player in the Bitcoin market: governments. El Salvador has continued buying Bitcoin, recently adding another 7 BTC to its national reserves, bringing its total to nearly 6,170 BTC—worth about $580 million. Bhutan is reportedly following suit, with plans to build a strategic crypto reserve that includes Bitcoin and Ether.

Zhao further claimed that the U.S. has shifted its stance under former President Trump, describing it as a “180-degree pivot” toward a more pro-crypto outlook. He remarked that retail investors had over a decade to accumulate Bitcoin, and if they’re just getting in now, “that was their choice.”

With institutional giants and governments entering the scene, Zhao’s million-dollar Bitcoin forecast no longer seems far-fetched.